Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index (CPI) data as reported by Statistics Canada.
Because of the higher inflation this year, some amounts indexed to inflation are a lot higher.
Here are some of the highlights for 2022:
| 2022 | 2021 | |
| Basic personal amount for individuals in the lower tax brackets[1] | $14,398 | $13,808 |
| Old age security repayment threshold | $81,761 | $79,845 |
| Annual TFSA dollar limit | $6,000 | $6,000 |
| Lifetime capital gains exemption | $913,630 | $892,218 |
For a full list of items, please click here.
[1] Under changes announced by the Government in a Department of Finance news release on December 7, 2015, for 2016 and each subsequent year, the annual TFSA dollar limit is fixed at 5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500.
Read more about TFSA.
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